Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.16% against the USD and closed at USD1304.50 per ounce, as a broad weakness in global equities increased demand for the precious yellow metal as an alternative investment.
In the Asian session, at GMT0300, the pair is trading at 1303.80, with gold trading 0.05% lower against the USD from yesterday’s close.
The pair is expected to find support at 1296.50, and a fall through could take it to the next support level of 1289.20. The pair is expected to find its first resistance at 1311.20, and a rise through could take it to the next resistance level of 1318.60.
The yellow metal is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
